Wirex is a crypto payment solutions provider and its recent alliance with Novatti, a smart card issuer could see over 20 million Australians get access to the next-generation smart cards that allow multicurrency use. The partnership is set to bring forth smart cards with higher spend limits that allow its users to earn rewards while utilizing its utilities. The scheme also promises zero fees in Forex exchange and maintenance of the cards. Furthermore, international withdrawals at ATMs capped at over $400 in Australian currency will experience zero charges for a month and there after, a transaction fee of 2% will be charged. Rewards are capped at 8% of the total transaction volume but the cards’ uniqueness is a game changer in the crypto market.
Wirex has in the past innovated a crypto-enabled debit card, a first of its kind. This innovation enabled over 5 million consumers globally to hold and trade assets in more than 12 fiat currencies as well as 130 digital currencies. This previous project allows users holding its debit cards to transact at over 80 million locations globally. The firm has also released TAUD stablecoin tokens to its blockchain network.
With this new alliance, Wirex has the ability to directly issue cards to its customers in Australia. However, all users who wish to make use of this platform must first meet some requirements set by the firm. These requirements include full KYC(Know Your Customer) checks as well as AML(Anti-Money Laundering) requirements. Following the success of Wirex’s products in Europe, the firm has launched into the APAC(Asia Pacific) ecosystem in 2019 and since then it has achieved tremendous growth in the sector. In the global crypto community, the Australian crypto ecosystem has garnered a lot of crypto adoption from its population. This new partnership is aimed at bridging the gap between traditional fiat currencies and digital currencies as well as assets.
According to reports, the leadership at Wirex strategically partnered with the Australian-based Novatti because it has already built trust from the population and is one of the biggest card issuers in the country. Novatti, on the other hand, has expressed its satisfaction to be working with a leading provider in payment solutions. This alliance has laid a strong foundation for the creation of innovative products to ensure improved user experience as well as releases in pilot projects for beta testing. With that being said, this scheme is by far the most advanced in its class. The ability to trade using multiple cryptocurrencies and digital assets as well as its mixture with traditional currencies all under one card is quite amazing. What are your thoughts on this scheme? Leave a comment below.
